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Did You Move For Work Or School?

If you moved closer to your work or school, you may be eligible to claim moving expenses.  Here are the rules.  Call our office if you need help or more information: Line 219 – Moving expenses You can claim eligible moving expenses if: you moved and established a new home to work or run a business at a new location; or you moved to be a student in full-time attendance in a post-secondary program at a university, college or other educational institution. To qualify, your new home must be at least 40 kilometres (by the shortest usual public route) closer to your new work or school.   http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns206-236/219/menu-eng.html?utm_source=twttr&utm_medium=scl_md&utm_campaign=

Sharing Economy Has Tax Benefits & Implications

Are you participating in the sharing economy?   Are you selling goods on Kijiji,  driving for Uber or renting your home on Air BNB?  Everyone should be reporting their income but they don’t always.  But without reporting your income, you also can’t take advantage of the potential tax credits/deductions available to you.  Say for example, you rent your house on Air BNB  – you’re treating it like a business but not claiming the income you generate. According to statistics Canada, 69000 Canadians rent out some or all space in their home in some kind of peer to peer network, for example but there is generally a lack of knowledge about who needs to declare income. As a general rule, income you generate from any endeavour should be reported. Companies like Uber can and do provide reports to their drivers about the income earned.  That also means that you can take advantage of... View Article

What Medical Expenses Can You Claim On Your Tax Return?

Which medical expenses can you claim? To know for whom you can claim medical expenses, see How do you claim eligible medical expenses on your tax return? You can claim only eligible medical expenses on your tax return if you, or your spouse or common-law partner: paid for the medical expenses in any 12-month period ending in 2016 did not claim them in 2015. Generally, you can claim all amounts paid, even if they were not paid in Canada. For all expenses, you can only claim the part of the expense that you or someone else have not been and will not be reimbursed for. However, the expense can be claimed if the reimbursement is included in your or someone else’s income (such as a benefit shown on a T4, Statement of Remuneration Paid, slip) and the reimbursement was not deducted anywhere else on the income tax and benefit return.    

Calling All Employed Artists

      Are you an employed artist or?  Don’t miss out on tax credits that you may be eligible for:   http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns206-236/229/rtsts/menu-eng.html    

Do You Write Off Your Car For Business?

2017 Automobile Deduction Limits and Expense Benefit Rates for Business The ceiling on the capital cost of passenger vehicles for capital cost allowance (CCA) purposes remains at $30,000 (plus applicable federal and provincial sales taxes) for purchases after 2002. This ceiling restricts the cost of a vehicle on which CCA may be claimed for business purposes. The limit on deductible leasing costs remains at $800 per month (plus applicable federal and provincial sales taxes) for leases entered into after 2002. This limit, which ensures that the level of deductions for leased and purchased vehicles is consistent, is one of two restrictions on the deduction of automobile lease payments. A separate restriction prorates deductible lease costs where the value of the vehicle exceeds the capital cost ceiling. The limit on the deduction of tax-exempt allowances paid by employers to employees remains at 54¢ per kilometre for the first 5,000 kilometres driven... View Article

Office/Studio Space For Rent in Crown Point Pristigous Building

We have 600 square feet of beautiful office or studio space for rent.  Our beautiful building overlooks the Rose Garden at Gage Park.  It’s a quiet – pet friendly building – perfect for a young professional.  Here’s a link with pictures and all the information.  Call the office if you or someone you know is interested in a tour! https://www.realtor.ca/Commercial/Retail/17688444/1051-MAIN-Street-East-Hamilton-Ontario-L8M1N5-Crown-Point

Tradespeople May Deduct The Cost of Tools

Here’s the link: http://www.cra-arc.gc.ca/trades/ Deduction for tools (tradespersons) If you were a tradesperson in 2016, use the following formula to calculate your maximum tradesperson’s tools deduction for the cost of eligible tools you bought in 2016: Maximum deduction for eligible tools is the lesser of: a) $500; and b) the amount, if any, determined by the formula A − $1,161 where A = the lesser of: 1. the total cost of eligible tools that you bought in 2016; and 2. your income from employment as a tradesperson for the year plus the amount you received in 2016 under the Apprenticeship Incentive Grant and the Apprenticeship Completion Grant programs; minus the amount of any Apprenticeship Incentive Grant and Apprenticeship Completion Grant overpayments that you had to repay in 2016. Are you confused or need some help?  Call our office today: 905-549-4418

Students Receive Extra Credits This Term

2017 Tax System Indexation

On January 1, 2017, all indexed personal income tax amounts, including tax bracket thresholds and amounts used to calculate non-refundable tax credits, were adjusted by 1.4%. The Canada Child Benefit and the goods and services tax credit will take effect July 1, 2017. For 2017 the federal tax bracket thresholds are: → 15% for taxable income between $0.00 and $45,916 → 20.5% for taxable income above $45,916 → 26% for taxable income above $91,831 → 29% for taxable income above $142,353; and, → 33% for taxable income above $202,800